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#19
DMB_Financial

DMB Financial

DMB Financial does not disclose its fees or the states it services.

Our Score
4.0
User Score
0.4
Our Score
4.0
User Score
0.4
Rank this Company

Ratings Breakdown

Price - % of Debt

Undisclosed

Accreditations

AFCC & IAPDA

Free Consultation

Yes

Min. Debt Accepted

$10,000

Money-Back Guarantee

Limited

Number of Reviews

5

This Review is maintained by

Review Last Updated: July 10, 2019

Rank Chart
Price (% of debt)
Smallest Debt Accepted
Review

#1

15-25%
$7,500

#2

15-25%
$10,000

#3

15-25%
$7,500

#19
DMB_Financial

Undisclosed
$10,000

Pros

Guarantee

DMB Financial provides clients a $1,000 guarantee should an enrolled debt not become settled. Clients may opt out of the program at any time without any fees. According to one program consultant, any money that had accrued into the bank account they set up will go directly back to the client.

Check out Freedom Debt Relief.

Cons

Limits on Enrollment

DMB will only enroll accounts that they know they can settle, meaning not all unsecured debt types qualify. Also, they will not accept clients into the program for longer than 60 months, as the risk of litigation is too strong.

Negative DMB Financial Reviews

Currently, there are no positive reviews of DMB Financial on Best Debt Companys. The company’s average customer rating is 0.5 out of 10. We recommend reading over these reviews before committing to use DMB Financial.

DMB Financial customers complain that the company is slow to resolve debts, take out fees when no work has been completed, and they don’t communicate.

Undisclosed Information

  • Location. This program is not available nationwide. The company says they are not available in Georgia and “other states”. To determine if they are an option for debt settlement where you live, you can give them a call, or you can browse our top debt settlement companies to see what states they are in.
  • Cost. Debt settlement companies charge a percentage of the debt clients enroll with them. Usually, this fee ranges between 15-30%. DMB Financial does not list what their fee is.
  • Savings. Similarly, large debt relief companies can give you an average of how much they’ll save you. For example, some companies settle debts at 50% of what is originally owed. This information is not shared by DMB Financial.
  • Creditor Relationships. Large debt settlement companies have relationships with the biggest creditors (banks and credit card companies). DMB Financial does not list what creditors or debt collectors they have worked with in the past, so potential consumers can’t see if DMB can help their particular situation.

Our Recommendation

Although some clients might benefit from their services, we recommend other qualified debt settlement company such as Freedom Debt Relief (rated 9/10) or Accredited Debt Relief (rated 9.7/10).


DMB Financial FAQs

What does DMB Financial do?

DMB Financial negotiates credit card debt down to lower fees on behalf of their clients. These settlements are reached once your account is delinquent and has gone into debt collection. Instead of continuing to monthly payments on your credit cards, DMB Financial will have you set up a savings account that you deposit money into monthly. That money that you set aside will be used to pay off your credit card balance at a fraction of what you actually owe, without further interest.

Since 2003, the company has managed over $1 billion in debt and helped 30,000+ people become debt free. DMB Financial is not a law firm, but they do employee attorney’s to help with debt settlement.

Many debt settlement companies also offer debt consolidation, credit counseling, bankruptcy, and sometimes even tax relief. It does not appear that DMB Financial offers any of these services. To get started, DMB Financial offers free consultations to determine if a debt settlement program is right for you.

What are DMB Financial’s fees?

DMB Financial’s debt settlement program is 100% performance-based so they only earn their fee when an account has been settled. There are no up-front fees of any kind, however, a $34.95 monthly administration and client services fee is charged.

How much debt can enroll in their settlement program?

According to representatives, there have been clients enrolled with as little as $10,000 and as much as $150,000.

What industry accreditations do they have?

AFCC and IAPDA.

How long does the program take?

On average, debts are settled in 36-48 months.

Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.

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5 DMB Financial Reviews

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  1. User Score
    0
    March 12th, 2019 Edmond, OK
    3 people found this review helpful!
    I was with DMB for a year. They settled and paid off one account almost immediately. The second account they focused on was in a settlement agreement and was six payments in. The due date of each payment was the 10th of each month. DMB withdrew the monthly payments on the 25th of each month for this account. Our third creditor began the process of suing and DMB was unable to settle for less than the total owed and therefore gave up on all communications and attempts with that company. This meant they had exhausted their purpose. So, I was forced to terminate our contract since they were still taking a large monthly payment and just sitting on the money. The termination and refund process was done in a timely manner, However, not without them screwing me with the second creditor they made an agreement with and we were still paying off. I was prepared to continue paying that company each month. But DMB waited until the day after the payment was due on the 10th and reversed that payment that they made on the 25th of the prior month. This threw me out of the agreement. DMB was paid in full the 25% commission for this settlement. So basically, they took the commission, and then when I terminated the contract because they were unable to settle my last creditors, they threw me out of my agreement with another one that they were already paid for doing. If you have Discover as a creditor, do not bother with DMB. They are unable to settle with that creditor because that creditor does not work with them. And Discover will pass your account off to a lawyer within six months and will sue you before you are a year in default. DMB will not settle your debts that fast.
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  2. User Score
    0
    February 11th, 2019 Daly City, CA
    3 people found this review helpful!
    This company is terrible. They have virtually no customer service, they promise you things they don’t deliver and in the long run you can do the same thing they do and save tons of money. They basically take advantage of you at your most vulnerable, promise to help you and once they get you they treat you like a criminal. Would highly recommend avoiding this company.
    Read More
  3. User Score
    0
    October 31st, 2018
    4 people found this review helpful!
    This is the worst company out here. I began with this company and I was current, now several months later, I have just incurred nothing by late fees and bad credit. I had a summons and they told me to ignore. The date I was to appear I called them and they told me they didnt know about it. I clearly have an email with the info being given to the rep and he replied. This is a horrible company. DO NOT USE THEM. After months of nothing, I finally cancelled and they charged me a fee…for NOTHING!
    Read More
  4. User Score
    0
    October 31st, 2018
    5 people found this review helpful!
    When I began ALL of my accounts were current. 3 months later I had a summons to appear in court for one lender and when I called DMB they advised me they would handle it and to not go to court. The day of court, I called DMB and they knew nothing about the summons. Nothing was done and now my accounts are 90 days + past due and I have extremely poor credit with not 1 account settled. When I went to get a refund, they took a fee, after wrongly advising me I feel they should have given me every single penny back. They were very nonchalant about the entire situation and I would not suggest anyone use this company.
    Read More
  5. User Score
    2
    October 5th, 2018 Platte City, MO
    5 people found this review helpful!
    PEOPLE BEWARE THIS COMPANY WILL TAKE YOUR MONEY AND NOT WORK ON ACCOUNTS THAT YOU MAY BE SUMMONED FOR THEY IGNORE THE SUMMONS AND ALLOW CREDITORS TO PUT JUDGEMENT AGAINST YOU WITH POTENTIAL WAGE GARNISHMENT AND RISK LOSING YOUR JOB. THEY COME UP WITH HORRIBLE EXCUSES. YOUR BETTER OF FILING BANKRUPTCY. IT IS SO UNACCEPTABLE THEY SAY NORMALLY THERE IS 20 DAY RESPOND TIME WELL SOME COMPANIES DONT WAIT 20 DAYS AND THEY DONT REALIZE THIS. IM SO UPSET RIGHT NOW WITH ME ON SSDI AND CANCER TO DEAL WITH AND NOW THIS, SOMEONE NEEDS TO TAKE CARE OF THIS
    Read More
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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Our Score
4.0
User Score
0.4
Rank this Company

Ratings Breakdown

Price - % of Debt

Undisclosed

Accreditations

AFCC & IAPDA

Free Consultation

Yes

Min. Debt Accepted

$10,000

Money-Back Guarantee

Limited

Number of Reviews

5
Our Score
9.1
User Score
9.1
Rank this Company

Ratings Breakdown

Price - % of Debt

15-25%

Accreditations

AFCC & IAPDA

Free Consultation

Yes

Min. Debt Accepted

$7,500

Money-Back Guarantee

Yes

Number of Reviews

1,170